After The Warning In Budget, Cryptocurrency Market Witnessed Instability

Nov-2018 | 99Strategy | Public & Service

Finance Minister Arun Jaitley said in his budget speech on Thursday that all cryptocurrencies including bitcoins are illegal and the government will make full efforts to end them. Just a day after that, there was a declining cryptocurrency trend on Friday. But again on Friday evening, these currencies made a tremendous return. It did not only compensate for Friday's loss, but also covered the loss that happened on Thursday.

According to international media reports, after saying about taking action against India's cryptocurrencies, there has been considerable decline in the last two days. Bitcoin prices fell by 15 % to Rs 5.3 Lakh on Friday, compared to Thursday's closing, but at 8.00 in the evening, they were priced at Rs 6.4 Lakh. Cryptocurrencies such as Ethereum, Ripple and Litecoin also fell first and then came back again. Ethereum fell by 31% on Friday and came down to Rs 55 Thousand against the price of Rs 80 Thousand on Thursday. Litecoin dropped from Rs 11,500 to Rs 7,100. At the end, both the crew recovered a good return on Friday.

Within two hours of Jaitley's speech, the international market, Bitcoin prices have come down from $10,209 to $9,837. It fell to $7,848 on Friday, but later returned with $8,800.

Apart from India, Regulatory bodies of countries such as America, England and South Korea were also keeping a watch on the crypto trading platforms. Indian crypto trading platforms such as Unocoin, Zebpay, and Koinex have been busy trying to understand the situation. They are frequently questioned from buyers that they should sell their currency or not.

At present in India, the chances of getting a green flag is on the negative side as the country is developing stage and it doesn’t want to lose it momentum with virtual currency phenomena that doesn’t have any trade standards.